American shares of China Mobile Ltd. are rising after China's dominant mobile phone carrier said subscriber growth fueled a rise in 2007 profit.
China Mobile saw 2007 subscriber growth rise 23 percent to 360 million users. China has the largest number of mobile phone users in the world.
Citigroup analyst Michael Meng said China Mobile is a market leader in quickly growing China.
Upcoming catalysts include the Beijing Olympics, where the company will offer TD-SCDMA service. The service is a Chinese third-generation mobile standard.
Meng rates shares "Buy," with a $97 price target, implying he expects the shares to rise 44 percent in the next year from Wednesday's closing price.
China Mobile shares rose $1.79, or 2.7 percent, to $69 in afternoon trading. ADRs, or American Depositary Receipts, are securities that allow U.S. investors to trade shares of companies based overseas.
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